ConocoPhillips (NYSE: COP) COP share was trading in an uptrend and showcased a cup and handle pattern indicating bullishness on the charts. Moreover, the price broke out of the $120 trendline and is looking to extend the buying momentum and surpass the major hurdle of $130. Furthermore, the bulls are gaining traction and are willing to reach the blue sky zone near $150. COP stock price showed a gap up candlestick and has surpassed the significant moving averages witnessed the buying interest in the yesterday trading session.
COP stock price is close to the major neckline of $130,which if surpassed, would stretch the rally toward $140 followed by $150. However, the options chain shows that, at the strike price of $124, there is incisiveness between the bulls and bears with a open interest of 287 hundred shares on the call side, whereas 301 hundred shares on the put side, Moreover, at the strike price of $125, there is a massive open interest of 12093 hundred shares shows a major hurdle as per the call writing data which is not easy for the bulls to crack in a single attempt.
At press time, COP stock price is trading at $124.86 with an intraday gain of 3.01% showing bullishness in the yesterday trading session. Moreover, the trading volume increased by 0.89% to 5.90 Million and the market cap is $149.519 Billion. However, analysts maintained a buy rating with a yearly target price of $136.83 suggests a strong growth outlook for the upcoming sessions.
ConocoPhillips engages in the exploration, production, transportation and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas on a worldwide basis. It operates through the following geographical segments: Alaska, Lower 48, Canada, Europe, Middle East and North Africa, Asia Pacific, and Other International. The Alaska segment primarily explores for, produces, transports, and markets crude oil, natural gas, and natural gas liquids. The Lower 48 segment consists of operations in the U.S. and the Gulf of Mexico. The Canada segment consists of oil sands development in the Athabasca Region of northeastern Alberta and a liquids-rich unconventional play in western Canada.
Will COP Stock Register Breakout Above $130?
On the daily charts, COP stock price is trading close to the breakout region and shows the bulls dominance for the past sessions. Moreover, the COP share price surpassed the key moving averages and entered the bull trajectory. Furthermore, the COP stock price surpassed the 61.8% Fibonacci retracement level and is close to the upper bollinger band indicates that buyers will soon register a breakout.
The RSI curve stayed in the overbought zone and formed a bullish divergence suggests that significant upside toward $150 can be anticipated in the next sessions.
The MACD indicator showed a bullish crossover and formed green bars on the histogram suggesting a positive outlook for the next sessions.
Summary
ConocoPhillips (NYSE: COP) COP share price is trading close to the critical neckline of $130 which bulls are trying to surpass to stretch the ongoing bullish rally toward the swing of $140 followed by $150. Furthermore, the price action witnessed long buildup activity and shows the buying interest which is a positive sign for the next sessions.
Technical Levels
Support Levels: $120 and $115
Resistance Levels: $127 and $135
Disclaimer
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Source: https://www.thecoinrepublic.com/2023/10/14/cop-stock-cop-getting-ready-for-breakout-will-cop-reach-150/